Question

In: Accounting

Post on a purchased journal 1. “ purchased the following account from fizzy-cal network: display (charge...

Post on a purchased journal

1. “ purchased the following account from fizzy-cal network: display (charge store supplies), $1800; merchandise, $9600. Total; 11,400. Terms are n/30.”

2. Purchase the following items on account from Alexus fitness connection; inventory, $9180; miscellaneous selling expense ( display cases), $675; store supplies (promotion pack), $250. Total: $10105. Terms are n/30”

3. “Purchase merchandise on account from sports magic warehouse, $16900. Terms are n/30m

Solutions

Expert Solution

Purchase journal records only credit purchases.

1. Journal

Purchases   A/c   Dr.       $ 11400

     To fizzy-cal network A/c         $ 11400

(Merchandise purchased on credit basis)

2. Purchases A/c   Dr.            $9180

     Supplies A/c      Dr.            $925

           To Alexus fitness connection a/c    $10105

(Supplies purchased on account)

3. Purchases A/c    Dr.            $16900

       To sports magic warehouse a/c       $16900

(Credit purchases made)

Note - In purchase journal credit terms are also mentioned and it is prepared in tabular form. If you need in that format only please mention in comment section. Thanks :)


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